League sources told ESPN and NFL Media on Tuesday that Thomas, who was inactive for the Patriots' Week 1 victory over the Pittsburgh Steelers, is being sent to the Jets in exchange for a sixth-round pick in the 2021 NFL Draft.
Thomas, who signed with New England in April, became expendable after the Patriots officially signed Brown on Tuesday.
Thomas played in 15 regular-season games between the Denver Broncos and Houston Texans last season. The 31-year-old wideout spent a majority of this off-season recovering from a torn Achilles tendon he sustained in Week 16 last year.
Thomas returned to the field in the Patriots' preseason finale against the New York Giants. He registered seven receptions for 87 yards and two touchdowns in the contest.
The Broncos selected Thomas with the No. 22 overall pick in the 2010 NFL Draft out of Georgia Tech. He spent eight-plus seasons in Denver, making five straight Pro Bowl appearances (2012-16) and winning a Super Bowl title in 2016.